Had a weird signing Friday afternoon in a town about 50 miles outside of Austin.
Got to the address and it quite obviously was a one-story school building. Turns out the building obsoleted by the school district several years ago. First the city bought it, then an individual bought it and turned it into a factory making baby bibs for Gerber, before Gerber fled to Mexico. So the individual's sister bought it, and turned it into her home. One looooooong corridor flanked by rooms off to both sides.
The man of the house is bedridden.The daughter lives in Houston, and was one of the borrowers. Considering whose names were on what documents, I think the title company misunderstood and thought the daughter was the wife. I saw only two rooms, both of which the people said had been renovated. If those were renovated, I'd hate to see the rest of the place.
The interesting thing is they were building a $28,000 swimming pool with the loan. Can't imagine much more of a residential white elephant than an abandoned school building a block long with a $28,000 swimming pool. |
